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Given a graph G, a proper k-coloring of G is a partition c = (S_i)_{i in [1,k]} of V(G) into k stable sets S_1,..., S_k. Given a weight function w: V(G) -> R^+, the weight of a color S_i is defined as w(i) = max_{v in S_i} w(v) and the weight of a coloring c as w(c) = sum_{i=1}^{k} w(i). Guan and Zhu [Inf. Process. Lett., 1997] defined the weighted chromatic number of a pair (G,w), denoted by sigma(G,w), as the minimum weight of a proper coloring of G. The problem of determining sigma(G,w) has received considerable attention during the last years, and has been proved to be notoriously hard: for instance, it is NP-hard on split graphs, unsolvable on n-vertex trees in time n^{o(log n)} unless the ETH fails, and W[1]-hard on forests parameterized by the size of a largest tree. We focus on the so-called dual parameterization of the problem: given a vertex-weighted graph (G,w) and an integer k, is sigma(G,w) <= sum_{v in V(G)} w(v) - k? This parameterization has been recently considered by Escoffier [WG, 2016], who provided an FPT algorithm running in time 2^{O(k log k)} * n^{O(1)}, and asked which kernel size can be achieved for the problem. We provide an FPT algorithm running in time 9^k * n^{O(1)}, and prove that no algorithm in time 2^{o(k)} * n^{O(1)} exists under the ETH. On the other hand, we present a kernel with at most (2^{k-1}+1) (k-1) vertices, and rule out the existence of polynomial kernels unless NP subseteq coNP/poly, even on split graphs with only two different weights. Finally, we identify some classes of graphs on which the problem admits a polynomial kernel, in particular interval graphs and subclasses of split graphs, and in the latter case we present lower bounds on the degrees of the polynomials.